Half year results
Half year results for the six months to 30 June 2009
Net inflows of funds under management up 25% to £1.0 billion
St. James's Place plc ("SJP"), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2009.
Highlights of the half year results are:
- Total new business, on an APE basis, of £203.0 million (2008: £220.7 million)
- Total single investments once again exceed £1.5 billion
- Our own manufactured business represents 90% of new business
Funds Under Management:
- Continue to retain over 95% of existing clients' funds
- Net inflow of funds under management of £1.0 billion (2008: £0.8 billion)
- Funds under management of £16.9 billion up £600 million since start of the year
St. James's Place Partnership:
- 1,389 up 3.7% since the start of the year and 7.6% over the twelve months.
– EEV basis:
- Group operating profit at £101.0 million (2008: £114.2 million)
- New business profits of £61.3 million (2008: £65.3 million)
- Net asset value per share 234.3 pence (2008: 241.1 pence)
– IFRS basis:
- Profit before shareholder tax of £20.0 million (2008: £32.8 million)
- Net asset value per share 107.8 pence (2008: 97.1 pence)
- Interim dividend maintained at 1.84 pence per share
David Bellamy, Chief Executive, commented:
"In the short term we continue to see a difficult economic climate for all wealth management businesses.
"However, in the first six months our business has again demonstrated its resilience, evidenced by our clients investing £1.5 billion and the continued exceptionally strong retention of existing clients' funds. These factors gave rise to a 25% increase in the net inflow of funds under management.
"Looking to the longer term the size of the Partnership has increased by 20% since the beginning of 2007, which puts us in a very strong position to resume growth in our new business once market conditions improve, in line with our longer term growth target of 15-20% per annum."
|David Bellamy, CEO
||Tel: 020 7514 1963 |
|Andrew Croft, Group Finance Director
||Tel: 020 7514 1963 |
||Tel: 020 7353 4200 |
| John Sunnucks / Mal Patel
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